You're Leaving Money on the Table if Your Checking and Savings Aren't Linked
Image source: Getty Images
Keeping your checking and savings accounts at different banks might feel like a good system, but in reality, it's likely costing you.
When your money is split up, you end up babysitting dead cash, missing out on interest, and dealing with transfers that slow you down. That's money left on the table. Linking your accounts under one roof -- in an account like SoFi Checking and Savings (Member FDIC) -- fixes all three.
1. You're babysitting dead cash in checking
Most people keep a cushion in checking "just in case" they overdraft. But here's the kicker: That money usually earns 0.01% annual percentage yield (read: basically zero).
If your checking and savings aren't linked, you have to keep more there than you'd like, and every dollar sitting in checking is a dollar not growing in high-yield savings.
With SoFi®, you don't need to overfund checking. Built-in overdraft protection automatically pulls from savings if your balance dips, so you can keep the bulk of your money where it works hardest -- earning up to 4.50% APY (limited time) -- instead of sitting idle.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
= Best
= Excellent
= Good
= Fair
= Poor
= Best
= Excellent
= Good
= Fair
= PoorOn SoFi's Secure Website.
- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
2. You're missing out on interest where you spend
If your checking account doesn't pay interest, that's wasted potential. Even your "spending money" can work harder.
SoFi® pays 0.50% APY on checking. Without that, you're leaving money on the table every month.
It's not going to double your net worth, but when even your bill-paying money earns more than most big-bank savings accounts, it adds up.
3. You're not unlocking transfer-free flexibility
When your accounts are split across banks, moving money is slower, clunkier, and sometimes comes with transfer limits or holds. That lag forces you to keep extra in checking as a safety net.
When both accounts are linked under one roof, your savings balance is basically your checking's bodyguard -- always there, instantly. That means more of your dollars can sit in your high-yield savings account, growing, without you stressing about delays or overdrafts.
Stop leaving money behind
Splitting checking and savings may feel harmless, but it's likely quietly costing you in interest, flexibility, and bonuses.
With SoFi Checking and Savings (Member FDIC), you get overdraft protection, interest on every dollar, some of the best savings rates around, and the opportunity for a limited-time offer: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
Big banks won't give you that combo. If you're ready to stop leaving money on the table, check out our full SoFi Checking and Savings (Member FDIC) review to see how much more your money could be doing for you.
Our Research Expert
Brooklyn Sprunger is a full-time Content Manager and Personal Finance Writer at Motley Fool Money, where she oversees product reviews and ratings while also writing about credit cards, bank accounts, investing, auto insurance, and other personal finance topics. She has worked in financial content since 2018, including more than four years at The Motley Fool. When she’s not writing or editing, Brooklyn is likely hiking and watching the Tennessee Vols.